Is The Real Estate Market In Florida Going Up?
What’s Happening ToThe Real Estate Market In Florida?
With everything that’s going on due to the COVID-19pandemic, you may be wondering: Is it still a good time to get intothe real estate market in Florida? According to a report, data fromthe Federal Housing Finance Agency (FHFA) suggests that Florida isstill a “healthy real estate market.”
This is despite the havoc caused by the global health crisis.The Sunshine State saw “year-on-year appreciationjumps” even with a decline in international demand. There isalso a trend of domestic travelers returning to the state. The Q12020 Housing Price Index (HPI) ranks Florida 12th inU.S. states with year-over-year price growth, at 7.1%. Housingappreciation was at 5.7% for the same period. The five-year trendfor Florida is at 48%.
Florida real estate markets landed four of the top 20 spots inthe top 100 metro area rankings report. Jacksonville, Orlando, FortLauderdale, and Tampa-St. Petersburg-Clearwater made it to thelist.
Single-family houses are still in demand, with a 10%year-on-year increase. Median sales prices grew 6.7%, from $253,000to $270,000. Sales volume also saw a double-digit increase of 19%for single-family homes and 15% for condos and townhomes. Propertyprices in Florida are on a “steady upward trajectory”while inventory is limited. This means that prices will likely stayup this year as long as the economy continues on a path ofrecovery.
Is Central Florida A Good Idea?
Yes! Whether as an investment or a residential property,Central Florida has much to offer.
Orlando is always a top-of-mind choice. This city isworld-famous for its family-friendly entertainment destinations.The weather is warm all year round, perfect for beach lovers andavid golfers. It also has a diverse and booming population, fromstudents to retirees. For investors, this makes Orlando anattractive prospect.
Outside of the central business and tourism districts, you canalso find luxury homes and picturesque seaside properties thatoffer the best of both worlds. Communities in areas like Harmony,St. Cloud, Kissimmee, Lake Nona, or Mount Dora are popular amongthose who want a toned-down version of city living. They arestrategically located. You live close enough to the city so you canenjoy its perks, but you also get to enjoy more of Florida’snatural beauty.
There are plenty of these types of communities in CentralFlorida. It is ideal for families, retirees, or couples.
Take Lake Nona, for instance. This modern community has its ownpro-level golf course. It has top-rated schools and a 650-acrehealth and life sciences park. Harmony is a master-planned areawith walkable neighborhoods, community-owned boats, and a golfpreserve.
How Can Corcoran Connect Help?
We are renowned for our honest, timely, and adaptable service.This means that we won’t just sell you a house. We will helpyou find the perfect fit that is best suited to your budget,preference, and lifestyle. As locals, we have a deep understandingof the communities we work with. We have developed strong industryconnections over the years. And as our client, you can benefit fromthis unique perspective.
Interested in the real estate market in Florida? Give us a callnow.